The average person is now £8,000 in the red, even without including mortgage repayments, which amount to an average of £106,755, according to research from comparethemarket.com.

Almost a quarter of adults are struggling to make ends meet, with ten per cent having maxed out a credit card and a further ten per cent admitting to being overdrawn in the past year.

On average, Brits now say 57 is a realistic age for clearing debts, although half see themselves owing money until they are at least 60, and 12 per cent think they will never be in the clear financially.

To help people face up to their financial woes, the price comparison website has created the “Debt Free Face” Calculator, which works out at what age you can expect to be debt-free, and what you will look like then!

Here’s what the receptionist can expect to look like by the time she pays off all her debts at age 54

Having taken out a £5,000 student loan and £4,755 personal loans in her early twenties, Olivia Rose, 28, tested out the calculator and was surprised to learn she’d be debt-free at the age of 54.

Olivia Rose, of Leatherhead, Surrey, said: “It feels like ages away, almost as long as I’ve been alive!”

The receptionist said she’s been slowly paying off her borrowings for the past couple of years, but admits she finds saving “near impossible”.

She said: “With commuting back and forth from London, and paying off £20,000 on the house my family own in Surrey – it’s so difficult to be able to pocket cash away whilst not missing out on events and holiday getaways that keep me ticking along.

“I also end up relying heavily in my partner to help me out, which I’d rather not have to do, but also very fortunate in that I can.”

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William Rimmington, 23, doesn’t yet have any financial obligations such as a mortgage or credit card

Meanwhile 23-year-old William Rimmington was disappointed to learn he could expect to be in debt until his late sixties.

The marketing manager, from London, said: “I’m shocked to find out that I won’t be debt free until I’m 68 years old, especially because I haven’t taken out financial obligations such as a mortgage or credit card yet, so it’s worrying that this figure will probably increase.

Cycling or walking to work instead of taking public transport or driving (4 per cent)

Shakila Hashmi, comparethemarket.com’s Head of Money says: “Right now millions of Brits could be in danger of suffering from one of the longest financial hangovers in history.

“While it may be hard to see an end in sight, the worst thing people in debt can do right now is stick their head in the sand.

A growing reliance on credit cards has led to the highest debt levels in recent history

“As well as reining in spending, there are other ways you can reduce debt, like switching to credit cards that help you get on top of debt with interest-free periods.

“As well as choosing the right credit card, shopping around for the best deals on things like car and home insurance, energy, broadband and even your mobile phone tariffs will help ease spending and save you a considerable amount.”

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